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1
Pasiouras, Fotios. "Development of bank acquisition targets prediction models." Thesis, Coventry University, 2005. http://curve.coventry.ac.uk/open/items/ecf1b00d-da92-9bd2-5b02-fa4fab8afb0c/1.
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This thesis develops a range of prediction models for the purpose of predicting the acquisition of commercial banks in the European Union using publicly available data. Over the last thirty years, there have been approximately 30 studies that have attempted to identify potential acquisition targets, all of them focusing on non-bank sectors. We consider that prediction models developed specifically for the banking industry are essential due to the unusual structure of banks' financial statements, differences in the environment in which banks operate and other specific characteristics of banks that in general distinguish them from non-financial firms. We focus specifically on the EU banking sector, where M&As activity has been considerable in recent years, yet academic research relating to the EU has been rather limited compared to the case of the US. The methodology for developing prediction models involved identifying past cases of acquired banks and combining these with non-acquired banks in order to evaluate the prediction accuracy of various quantitative classification techniques. In this study, we construct a base sample of commercial banks covering 15 EU countries, and financial variables measuring capital strength, profit and cost efficiency, liquidity, growth, size and market power, with data in both raw and country-adjusted (i.e. raw variables divided by the average of the banking sector for the corresponding country) form. In order to allow for a proper comparative evaluation of classification methods, we select common subsets of the base sample and variables with high discriminatory power, dividing the sample period (1998-2002) into training sub-sample for model development (1998-2000), and holdout sub-sample for model evaluation (2001-2002). Although the results tend to support the findings of studies on non-financial firms, highlighting the difficulties in predicting acquisition targets, the prediction models we develop show classification accuracies generally higher than chance assignment based on prior probabilities. We also consider the use of equal and unequal matched holdout samples for evaluation, and find that overall classification accuracy tends to increase in the unequal matched samples, implying that equal matched samples do not necessarily overstate the prediction ability of models. The main goal of this study has been to compare and evaluate a variety of classification methods including statistical, econometric, machine learning and operational research techniques, as well as integrated techniques combining the predictions of individual classification methods. We found that some methods achieved very high accuracies in classifying non-acquired banks, but at the cost of relatively poor accuracy performance in classifying acquired banks. This suggests a trade-off in achieving high classification accuracy, although some methods (e.g. Discriminant) performed reasonably well in terms of achieving balanced overall classification accuracies of above chance predictions. Integrated prediction models offer the advantage of counterbalancing relatively poor performance of some classification methods with good performance of others, but in doing so could not out-perform all individual classification methods considered. In general, we found that the outcome of which method performed best depended largely on the group classification accuracy considered, as well as to some extent on the choice of the discriminatory variables. Concerning the use of raw or country-adjusted data, we found no clear effect on the prediction ability of the classification methods.
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Khosravi, Taha. "The bank lending channel : an empirical assessment of measures to stimulate bank lending in the European Union." Thesis, University of Sussex, 2018. http://sro.sussex.ac.uk/id/eprint/75171/.
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This thesis first examines the role of banks in the transmission mechanism of monetary policy by focusing on the eight European new member States of Central and Eastern Europe over the 2004-2013 period. We specifically investigate the influence of monetary policy changes on bank lending activity and if this potential influence is contingent on bank characteristics, such as banks' size, capital, liquidity, risk factor and market power. Moreover, we focus on the prospective role of banks in the monetary policy transmission mechanism in order to reveal any clear trends in banks' lending behaviour during the 2008-2011 financial crisis. Secondly, we investigate the impact of a protracted period of low monetary policy rates on loosening of banks' credit standards regarding enterprises, households and consumer loans through concentrating on the nine Eurozone countries involved since the initiation of the Euro area Bank Lending Survey in the three distinct time frames of pre- (2002Q4-2008Q3), mid- (2008Q4-2010Q4) and post- (2011Q1-2014:Q4) financial crisis. Furthermore, we test the fundamental concept of the risk taking channel by examining excessive risk-taking behaviour by banks in stressed vs. non-stressed countries of the Eurozone. In an additional analysis, the efficacy of the European Central Bank's 3 year Long-Term Refinancing Operations is evaluated in great depth in order to determine whether banks' credit standards have been softened and the degree to which demand for loans has increased. Thirdly, we explore the financing structure of bank lending constrained Small and Medium Sized Enterprises in the eleven Eurozone countries by utilising firm-level data over the period of 2009 to 2014. We estimate if bank lending constrained firms demonstrate relatively more usage or requests for alternative financing. Additionally, a comprehensive investigation is presented by unveiling the impact and determinants of various financing constraints including credit lines, bank loans, trade credit and other lending on Eurozone firms. Furthermore, the notion of discouraged borrowers originally formulated by Kon and Storey (2003) is empirically evaluated. Finally, we present the conclusion of our research by further outlining its limitations and prospective scope for future studies.
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Haag, Gustaf. "Currency Transaction Tax and the European Union : An analysis on the conformity between the EU treaties and the concept of a Currency Transaction Tax." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Rättsvetenskap, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-14026.
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Never before in history has the amount of international trade been higher or more efficient than it is today. The fastest growing type of trade is the speculative currency trading, searching for instant profit based only on the anticipation of the variations in currency exchange rates. When currency speculation becomes an influential part of the capital flows it becomes harmful and creates instability of currency systems. Exchange rates starts to fluctuate due to the will and anticipation of speculators rather than the economic health of the country associated with the currency. This has led to recurring currency crises all over the world and an increased interest in regulatory mechanisms. One of the most discussed mechanisms proposed to handle this harmful evolution of the foreign exchange markets is the Currency Transaction Tax (CTT). The CTT stipulates a low tax (0.1 per cent) on all currency transaction to curb the incitement of short-term speculation based on a large amount of smaller transactions. The purpose of this thesis is to examine whether an implementation of a CTT is compatible with the EU treaties. This purpose consists of two research questions; whether the CTT is in conformity with the substantive law of the EU, more precisely the free movements of capital, and if the CTT is in conformity with the Economic and Monetary Union (EMU) and the exclusive power of the European System of Central Banks (ESCB) over monetary policy. Since this thesis aims to identify if the CTT is in conformity with existing legislation, the traditional doctrinal method is used for identifying and analysing potential difficulties with the CTT and to interpret these provisions in the light of ECJ case law and literature. The thesis concludes that the CTT is in conformity with the EU treaties. It does however require the full cooperation of the ESCB and ECB to achieve the objectives; to create a more stable currency market. The CTT is ready to implement.
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Mikkonen, Katri. "Regulation of Multinational Banks in the European Union." Diss., lmu, 2006. http://nbn-resolving.de/urn:nbn:de:bvb:19-56289.
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Toscano, Vanessa Miguel. "Determinants of bank capital ratios in European Union banks." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19516.
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Mestrado em FinançasNeste trabalho, analisamos os determinantes do rácio Common Equity Tier 1 (CET1) dos bancos da União Europeia após a Crise das Dívidas Soberanas. Utilizámos informação da base de dados do Bankscope. Exportámos informação de 137 bancos dos 27 paises da UE no período de 2011 a 2018. Baseámos o nosso estudo numa análise de regressão, sendo que analisámos vários modelos de forma a analisar od determinantes e qual o seu impacto no rácio CET1. Para atestar a robustez dos resultados, replicámos a análise aplicando um processo winsor à variável dependente e à variável que representa o Return on Equity. Verificámos que o tamanho, a exposição ao risco, a alavancagem e a liquidez são fatores que afetam o rácio CET1 e consequentemente a solvabilidade do banco. Adicionalmente, observámos que o programa de compra de ativos por parte do Banco Central Europeu (BCE) aparenta aumentar a capacidade dos bancos para absorver as suas potencias perdas, pelo o que se justifica este tipo de ações por parte do regulador.
We analysed European Union banks' Common Equity Tier 1 (CET1) ratio determinants after Sovereign Debt Crisis. We resorted to information from the Bankscope database. We exported information of 137 banks from the 27 countries belonging to the EU, from 2011 to 2018. We performed a regression analysis, running several models to identify the significant variables and their impact on the CET1 ratio. To attest the results' robustness, we replicate the analysis winsorizing the dependent variable and the variable that represents Return on Equity. We verified that size, risk exposure, leverage and liquidity are factors that affect CET1 ratio and banks solvency. Additionally, we observed that the European Central Banks' (ECB) asset purchase program seems to increase banks' capacity to absorb potential losses, which justifies this kind of measures by the regulator.
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Kryvko, Anna [Verfasser], and Peter [Akademischer Betreuer] Reichling. "Efficiency, corporate governance and performance of European commercial banks / Anna Kryvko. Betreuer: Peter Reichling." Magdeburg : Universitätsbibliothek, 2012. http://d-nb.info/1054419760/34.
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Jesus, André Filipe Tanque de. "Single resolution mechanism : the impact on european banks’ risk." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17666.
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Mestrado em FinançasAssim que a falência do Lehman Brothers abalou os mercados financeiros mundiais, emergiu na Europa uma onda de injeção de capital em bancos, levando a que todos os responsáveis políticos desse lado do Atlântico soubessem, de forma imediata, que algo teria de mudar. Contudo, apenas cinco anos depois, a União Europeia deu o pontapé de saída para o Mecanismo Único de Resolução (SRM, na sigla anglo-saxónica). A 21 de maio de 2014, os então 26 Estados Membros chegaram a acordo para a criação do Fundo Único de Resolução (SRF, na sigla anglo-saxónica), a fundação daquela que é, atualmente, a rede de segurança da economia europeia perante os bancos. No entanto, terá esta medida sido bem sucedida? Isso é algo que só o tempo poderá responder. Por agora, este estudo procura compreender se o Mecanismo Único de Resolução teve um impacto imediato no risco sistémico dos bancos europeus. Como poderemos demonstrar mais à frente, com base em dados de mercado recolhidos nos períodos antes e depois do acordo, o risco sistémico dos bancos europeus, medido pelo beta, melhorou substancialmente, quando comparado com a média dos restantes sectores. Ao mesmo tempo, revelamos que houve uma redução da volatilidade dos bancos, ao passo que nas restantes empresas acabou mesmo por deteriorar-se. Finalmente, procuramos fazer uma análise regional comparando as empresas dos países "Centrais", "Nórdicos" e "Periféricos" da União Europeia, concluíndo que o primeiro grupo tirou maior partido deste processo, com base o beta.
As soon as the Lehman Brothers' file for bankruptcy rocked global financial markets, a wave of State capital injections into banks emerged in Europe, and every lawmaker on that side of the Atlantic knew straight away that something had to change. However, it was only five years later that the European Union set the first stone for the Single Resolution Mechanism (SRM). On May 21st, 2014, the then 26 Member States agreed on the creation of the Single Resolution Fund (SRF), the foundation of what is now the European economy's safety-net before the banks. Yet, has this proven to be successful? That is something only time will be able to answer. For now, this study aims to understand if the Single Resolution Mechanism had an immediate impact on the European banks' risk. As we will be able to demonstrate further on, based on market data from before and after this agreement, the European Union banks' risk, measured by beta, was significantly reduced when compared to the average of every other sector. At the same time, we show that volatility also improved on banks, while actually increased among the other companies. Finally, we attempt a region analysis by comparing companies from the "Core", "Nordic", and "Peripheral" countries in the European Union, concluding the first group was able to take more advantage from this process based on their beta.
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Newrosy, Aref. "The need for cross-border injunctions in international commercial arbitration within the European Union." Thesis, Toulouse 1, 2019. http://www.theses.fr/2019TOU10024.
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Ojiegbe, Chukwudi Paschal. "The interface between international commercial arbitration and the Brussels I Regime." Thesis, University of Aberdeen, 2016. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=231752.
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The treatment of international commercial arbitration in the EU judicial area has been intensely debated, particularly in relation to the scope of the arbitration exclusion contained in the 'Brussels I Regime,' the three EU Brussels instruments on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters. The original Brussels Convention was replaced by the Brussels I Regulation, which was in turn replaced by the Brussels I Recast, the current EU legislative framework on jurisdiction. Arbitration was excluded from the scope of the Brussels Convention by virtue of Art 1(4), and the same arbitration exclusion is retained in Art 1(2)(d) of the Brussels I Regulation and the Brussels I Recast. Yet, the interaction of commercial arbitration with the Brussels I Regime in the EU remains controversial despite the arbitration exclusion. The controversy is largely based on the unregulated interface between commercial arbitration and the Brussels I Regime, which is created by the fact that neither the Brussels I Regime nor the New York Convention provide mechanisms to properly address the situation in which matters that are ordinarily addressed in international commercial arbitration may also fall within the material scope of the Brussels I Regime. It follows that international commercial arbitration based on the New York Convention and international commercial litigation based on the Brussels I Regime may interact in the process of the arbitral tribunals and courts of Member States exercising jurisdiction in civil and commercial matters, as both instruments in any such interaction each require respect and obedience, but do not otherwise regulate their potential conflict, this can lead to an undesirable degree of uncertainty between the two regimes. The Brussels I Recast contains a new Recital 12 that provides greater clarity in relation to the scope of the arbitration exclusion in Art 1(2)(d). However, the Recital does not entirely resolve all the questions concerning the arbitration/litigation interface. Therefore, in view of the remaining problems which the Brussels I Recast did not specifically address, it is suggested in this thesis that: (1) the wording of the Treaties relating to the exclusive external competence of the EU should be made clearer; (2) specific rules that will allow the Member State court with jurisdiction under the Brussels I Regime the possibility of staying the litigation at the request of the arbitral tribunal should be included in the future revision of the Brussels I Regime. The proposed solution would not undermine the operation of the New York Convention; neither would it create exclusive external competence of the EU in aspects of international commercial arbitration, which is the main political concern of some Member States with regard to partially including arbitration within the scope of the Brussels I Regime.
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Guei, Kore Marc Antoine. "Revenue, welfare and trade effects of EU FTA on South Africa." Thesis, Nelson Mandela Metropolitan University, 2015. http://hdl.handle.net/10948/6137.
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The study used the partial equilibrium WITS-SMART Simulation Model to assess the impact of liberalization under the Trade Development and Cooperation Agreement (TDCA) of a free trade area between the EU and South Africa. The findings of the study reveal that total trade effects in South Africa are likely to surge by US$ 1.036 billion with a total welfare valued at US$ 134 million. Dismantling tariffs on all EU goods would be beneficial to consumers through net trade creation. Total trade creation would be US$ 782 million. However, South African producers are likely to contribute a trade diversion of US$ 254 million which has a negative impact on consumer welfare. The country might also experience a revenue loss amounting to US$ 562 million due to the removal of tariffs. On trade, the country’s export and import to the EU is expected to increase by US$ 12.419 million and US$ 1.266 million respectively. To mitigate revenue loss, the country should try to diversify its current tax base.
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Mahabadi, Sadra. "The need for the harmonisation of provisional measures in international commercial arbitration in the European Union." Thesis, University of Manchester, 2016. https://www.research.manchester.ac.uk/portal/en/theses/the-need-for-the-harmonisation-of-provisional-measures-in-international-commercial-arbitration-in-the-european-union(258cd98b-0915-4967-9602-6804e5d3ebf5).html.
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International arbitration, as an essential part of any modern legal system, needs provisional measures to protect the rights and interests of the arbitration parties while they are awaiting the final decision of the tribunal. The existence of a legal framework enabling cross-border enforcement of such measures is of great importance in the EU, which allows free movement of citizens, assets and trade within its single European market. However, the enforcement of such measures within the EU lacks a legal framework. This is due, primarily, to two interrelated reasons. The first is the failure of international conventions to address the issue of the cross-border enforcement of provisional measures and to resolve jurisdictional uncertainties between arbitral tribunals and national courts. The second reason is that the EU's attempts to remedy the shortcomings created by international conventions -via the Judgment Regulation ("The Recast") and decisions of the CJEU- have ultimately subverted the very system it sought to enhance. The aggregate effect of this failure has been overall increased complexity. This thesis will try to answer three questions: 1) Is it possible to find a solution to deal with the uncertain positions of arbitration agreements and proceedings within the EU, and can the suggested solution be utilised to help the regulation and use of provisional measures?; 2) Is it possible to harmonise the different approaches taken by Member States’ arbitration rules on the jurisdictions of national courts and arbitral tribunals in respect of granting provisional measures?; 3) Is it possible to achieve a cross-border enforcement mechanism for tribunal-ordered and court–ordered provisional measures (in support of arbitration proceedings) in the EU?In order to answer these questions, the thesis proposes the following: (1) Recognising an exclusive jurisdiction for the seat court to decide on the existence of the arbitration agreement; (2) Providing an exclusive jurisdiction for the arbitral tribunal to rule on the existence of the arbitration agreement after its formation; (3) Recognition of a supervisory role for the seat court in granting provisional measures and (4) Enforcement of tribunal-ordered measures in the form of awards. It is hoped that these suggestions will help determine the jurisdictions of arbitration tribunals and national courts in respect of provisional measures and arbitration agreements. It will also create a viable framework for cross-border enforcement of tribunal-ordered and court–ordered provisional measures. It is hoped that these suggestions will consequently help improve the efficiency of arbitration as a valuable form of alternative dispute resolution.
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Deleau, Delphine. "The European court of justice 'open skies' judgments of 5 November 2002 : a Euopean contribution to the multilateral framework for International Aviation relations." Thesis, McGill University, 2003. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=80914.
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The 'Open Skies' policy launched by the United States in 1992 gave birth to new bilateral agreements between them and most Member States of the European Union, as the latter were adopting a single aviation market. Nevertheless, the nationality clause the agreements included conflicted with the Community principle of freedom of establishment.On November 5, 2002, the European Court of Justice therefore ruled there was indeed violation. However, the true question raised by the agreements focused less on such violation, which was anterior to those agreements, than on their fragmentation and the inequality they created in the Europe/United States aviation relations.
Indeed, the issue to be stressed in the judgments is linked to the building of the external competence of the Union with regards to aviation. While the Court refused to grant total competence to the Community, it made that of the Member States impracticable, leading to a global mandate for the Commission.
Although the orientations of the agreements to be concluded are foreseeable, the role the European Union will play in a potential multilateral negotiation remains to be defined.
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Pechberty, Sébastien. "Abuse of a dominant position under Article 82 of the E.C.Treaty, in the air transport sector." Thesis, McGill University, 2002. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=78224.
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The air transport sector is one that is particularly conducive to market dominance, and therefore to potential abuse thereof. Characterised, for several decades, by the omnipresence of barriers attributable to the preferential treatment enjoyed by undertakings under the sponsorship of their respective governments, European civil air transport has undergone progressive liberalisation over the years, under the auspices of the European institutions.The object of the present thesis is to assess how the provisions of Article 82 of the E.C. Treaty have applied to the air transport sector prior and subsequent to deregulation, and how they remain indispensable, in the wake of emerging new factors that tend to keep the market of scheduled air services oligopolistic.
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Oh, Julianne Sang-Eun. "The EU 'Horizontal Agreements' : background and consequences of an airpolitical novum." Thesis, McGill University, 2005. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=99148.
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This thesis discusses the background, contents and airpolitical consequences of the so-called 'Horizontal Agreements ("HA"),' concluded by the European Union ("EU") with third countries to give effect to the European Court of Justice's ("Court"/"ECJ") decision of November 2002 in the 'Open Skies' cases brought by the European Commission ("EC"/"Commission") against certain EU Member States.The Court's decision outlaws the nationality or 'ownership and control' clause in the bilateral ('Open Skies') agreements concluded with the United States by those Member States. As this clause is a standard provision in all bilateral air services agreements, the Court's decision actually obliges the Member States to amend those agreements and replace the said clauses by provisions which do not discriminate on the basis of nationality.
The Member States have in the meantime mandated the Commission to engage in such negotiations on their behalf on the basis of a jointly developed Model Horizontal Agreement ("MHA"), containing a non-discriminatory so-called Community clause and some other provisions on matters within the exclusive competence of the Community.
This research thus examines the legal and airpolitical implications of these Horizontal Agreements, which the Commission has concluded in the meantime and continues to propose to third countries. In this connection, attention is given to the scenario of the anticipated Horizontal Agreement negotiations between the EU and the Republic of Korea.
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Stanek, Piotr. "Efficiency of decision making in central banks : lessons for the European Central Bank." Lille 1, 2007. https://pepite-depot.univ-lille.fr/LIBRE/Th_Num/2007/50374-2007-13.pdf.
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Cette thèse s'attache â comprendre les facteurs influencant l'efficacité de la prise de décision au sein des banques centrales. La littérature économique propose plusieurs facteurs pouvant influencer la qualité des decisions prise par un comité de politique monétaire tels que le nombre de membres, la règle de décision, les caractèristiques des décideurs ou encore les modalités de communication entre eux. Cette thèse se focalise sur la précision d'information comme la variable déterminant l'efficacité des décisions: plus elle est élevé meilleurs sont les résultats de la politique monétaire et cette politique devient plus réactive. La précision d'information acquise par le décideur dépend de son habilleté, de la cible de politique ainsi que des institutions de prise de décision. Empiriquement il a été montré que l'expérience professionnelle des membres de comité de politique monétaire influence le niveau d'inflation et leur niveau d'éducation influence la réactivité. L'existence d'une taille optimale du comité a aussi été confirmé. Finalement, la récente réforme du système de prise de décision au sein de la BCE a été évaluée et critiquée ainsi qu'une proposition alternative correspondante au critères proposés a été spécifiée.
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Travis, Robin. "Air transport liberalisation in the European Community, 1987-1992 a case of integration /." Uppsala, Sweden : R. Travis : Distributor, Uppsala University Library, 2001. http://books.google.com/books?id=65mKAAAAMAAJ.
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Madaleno, Jose Miguel Ferreira. "The European Union and the Organization for the Harmonization of Business Law in Africa : comparative perspectives on their institutional frameworks and legal orders." Thesis, University of Macau, 2011. http://umaclib3.umac.mo/record=b2586421.
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Grewlich, Jerome. "International trade in wine and geographical indications : common interests between the EU and South Africa." Thesis, Stellenbosch : Stellenbosch University, 2004. http://hdl.handle.net/10019.1/49995.
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Thesis (MScAgric)--Stellenbosch University, 2004.ENGLISH ABSTRACT: European-South African trade relations concerrnng wine and spirits are characterized by various opportunities and, at the same time, a range of conflicts. The latter notably relates to the dispute over geographical indications and designations of origin. Considering this confusing amalgamation of discord and harmony, it is the purpose of this study, entitled "International Trade in Wine and Geographical Indications - Common Interests between the EU and South Africa", to understand the rationale for trade in wine from both sides of the coin. Moreover, this research assesses possible multilateral and bilateral solutions for dealing with trade frictions between the EU and South Africa and identifies common interests with a view to establish a lasting foundation for blossoming trade in wine and sustained growth. The underlying methodology is a qualitative interpretative approach and bases on insights into modern marketing and international management theory. On this basis the "objective" interests of the EU and South Africa in trade in wine are analysed in order to assess the coming into existence of the Trade, Development and Cooperation Agreement as well as the Wine and Spirits Agreement. Pivot of these trade negotiations is the dispute on geographical indications, which is scrutinized by looking into relevant chapters of the WTO and its TR.IPS Agreement. With regards to the Wine and Spirits Agreement it is salient to ask whether it is economically and politically reasonable for South Africa to accept a financial package from the EU to secure the 'voluntary' phasing out of a number of trademarks and geographical indications. The study concludes with an outlook regarding the globalisation of the world's wine market, potential future investment flows between the EU and South Africa and the need for an effective marketing strategy in order to become or remain global player in an increasing competitiveness caused by globalisation.
AFRIKAANSE OPSOMMING: Europese en Suid-Afrikaanse handelsverhoudinge in wyn en spiritualieë word gekenmerk deur verskeie geleenthede en terselfdertyd 'n reeks konflikte. Laasgenoemde hou merkbaar verband met die twis oor geografiese indikatore en aanwysings van oorsprong. Gegewe hierdie verwarrende tweedrag en harmonie, is die doel van hierdie studie, getiteld "Internasionale Handel in Wyn en Geografiese Aanwysings - Gemeenskaplike belange tussen die EU en Suid-Afrika", om die 'rationale' agter die wynhandel van twee kante te beskou. Verder ondersoek hierdie navorsing moontlike multi- en bilaterale oplossings vir die handelswrywing tussen die EU en Suid-Afrika en identifiseer gemeenskaplike belange met die doelom 'n fondament te bou vir volhoubare groei in die wynhandel. Die onderliggende metodologie is 'n kwalitatiewe verklarende benadering, gebaseer op insigte uit moderne bemarkings- en bestuursteorie. Op hierdie vlak word die 'objektiewe' belange van die EU en Suid-Afrika in die wynhandel ontleed om gevolgtrekkings oor die Handels-, Ontwikkelings- en Samewerkingsooreenkoms en die Wyn- en Spiritualieë- Ooreenkoms te maak. Onderliggend aan hierdie onderhandelinge is die twis oor geografiese aanwysings, wat noukeurig ondersoek is deur relevante hoofstukke van die WHO Ooreenkoms en sy TRIPS-komponent te raadpleeg. Met verwysing na die Wyn- en Spiritualieë- Ooreenkoms is dit voor die hand liggend om te vra of dit ekonomies en polities verstandig vir Suid-Afrika is om 'n finansiële pakket van die EU te aanvaar in ruil vir die vrywillige uitfasering van 'n aantal handelsmerke en geografiese aanwysings. Die studie sluit af met '11" blik op globalisering van die wêreld se wynmarkte, die potensiële toekomstige vloei van beleggings tussen die EU en Suid-Afrika, en die behoefte aan 'n effektiewe bemarkingsstrategie om 'n globale speler te word.
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Van, Wyk J. T. (Jacobus Tertius). "The EU-SA wine and spirits agreement : implications for South Africa." Thesis, Stellenbosch : Stellenbosch University, 2002. http://hdl.handle.net/10019.1/53111.
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Thesis (MBA)--Stellenbosch University, 2002.ENGLISH ABSTRACT: During the negotiating stages of the TOCA, the EU and South Africa could not reach an agreement on the use of certain EU geographical indications related to wine products. The geographical indication issue threatened the signing of the entire TOCA. At the request of the EU, South Africa agreed to negotiate a separate Wine and Spirits Agreement, in order to finalise the TOCA. The EU-SA Wine and Spirits Agreement was eventually negotiated and came into effect on 1 January 2002. The initial issue relating to the geographical indications remained controversial throughout the negotiations and matters were made worst when the initial contentious denominations of Port and Sherry were expanded by the EU to include Grappa, Ouzo, Korn, Kornbrand, Jagertee, Jaqertee, Jagatee and Pacharan. South Africa eventually agreed to phase out the use of these denominations over specified time periods. The current wording of the agreement will also result in South Africa having to yield a variety of well known trade marks such as Nederburg and Roodeberg. Article 7(8) of the Wine Agreement implies that in the case of conflict between a South African wine trade mark and an EU geographical indication for wine, the South African trade mark will always have to yield to the EU geographical indication. The entire geographical indication matter is being contested by South Africa and is still under negotiation. South Africa and the EU agreed to allocate reciprocal duty free tariff quotas to wine products. These tariff quotas will remain effective until the FTA has been established, following the transitional periods as agreed upon in the TOGA. The duty free funds will however not have such a direct impact on the wine industry as have been envisaged initially, because the funds are in the hands of the EU importers. Various business plans are being implemented to allow the South African wine industry to benefit from these and any future funds. The EU offered financial assistance to the value of €15 million for the restructuring of the South African wine industry as well as for the marketing of the South African wine and spirits products. To date none of these funds have been allocated and various proposals have been made to the South African government in order to obtain these funds from the EU. The EU-SA Wine and Spirits Agreement is a continuous evolving agreement, where both parties are allowed to modify the existing agreement with the consent of the other party. Such modifications are allowed with the premise that it would contribute to the facilitation and promotion of trade in wine and spirits products between South Africa and the EU. South Africa must take cognisance of the implications of the EU-SA Wine and Spirits Agreement and ensure that they do not end up losing more than what they are gaining.
AFRIKAANSE OPSOMMING: Sien volteks vir opsomming
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Mercado, Simon Anthony. "Trade policy and governance in the European Union : a new institutional approach to the study of commercial policy-making." Thesis, Nottingham Trent University, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.363327.
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Bueno, Díaz Odavia. "Franchising in European contract law a comparison between the main obligations of the contracting parties in the Principles of European Law on Commercial Agency, Franchise and Distribution Contracts (PEL CAFDC), French and Spanish law." München Sellier, Europ. Law Publ, 2007. http://d-nb.info/989121801/04.
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Papandropoulos, Sylvie-Pénélope. "Issues in european competition policy: lobbying, reputation and R&D co-operation." Doctoral thesis, Universite Libre de Bruxelles, 1998. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211988.
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Maile-Zinser, Tanja. "Auswirkungen der Unmöglichkeit auf den Erfüllungsanspruch : eine rechtsvergleichende Untersuchung zum deutschen Recht, dem US-amerikanischen Uniform Commercial Code, dem UN-Kaufrecht, den UNIDROIT Principles of International Commercial Contracts, den Principles of European Contract Law und dem Vorentwurf eines Europäischen Vertragsgesetzbuchs /." Berlin : Logos-Verl, 2006. http://deposit.ddb.de/cgi-bin/dokserv?id=2820899&prov=M&dok_var=1&dok_ext=htm.
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Daza, Aramayo Lourdes Gabriela. "Analysis of Trade Relations between the European Union and Latin America from 1995-2011." Doctoral thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-196936.
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The Doctoral Thesis "Analysis of Trade Relations between the European Union and Latin America from 1995-2011" focuses on the determination Latin America's potential as a trading partner for the European Union. It will be based on an analysis of the region's trade relationships between 1995 and 2011 through different econometric models and a macroeconomic analysis. It will make recommendations for improving economic relation policies with Latin America and the European Union as well as identify the sectors which could represent great potential for trade between both regions. The research is divided into seven chapters: The first chapter covers international trade theory; this part comprises the theoretical aspects directly related to international trade. The second chapter analyzes the macroeconomic features of Latin American countries and compares them with data from the European Union. A separate, detailed analysis of 17 Latin American countries was performed and the potential of each one to make their importance known to the world and define their geopolitical position is described. The third chapter details the trade policies of the European Union and Latin America. The fourth chapter discusses trade relations between Latin America and the European Union through a look at the trade agreements that have been signed between the European Union and Latin American countries and tries to identify possible causes of failures for agreements not signed. This chapter also studies the sectorial composition of trade between the two regions, emphasizing the asymmetry between these trades flows as they enter the countries studied. The fifth chapter, the heart of this research paper, analyzes the trade relations between the EU and Latin America through a gravity model, identifying the obstacles and barriers to international trade between the two regions. The second part of this chapter discusses institutional factors, which, as a result of the conclusions from the gravity model explained earlier in the chapter, play an important role in international trade between Latin America and the European Union. This section contains a comparative analysis of the situation of the institutional factors in the 29 Latin American countries which were analyzed in the gravity model. This chapter also includes a trade simulation between the Czech Republic and Latin America with the institutional factors in Latin America showing a 10% improvement. In the sixth chapter, the competitiveness of 17 Latin American countries is calculated using the results of the barriers to international trade through a new method based on the comparison of indicators, ranked by dimension and according to the weight thereof for a period of time. The last chapter focuses on the identification of the variables determining foreign direct investment in Latin America, represented by 29 countries and over a period of time from 1995 to 2011. It considers variables traditionally not considered such as the number of patents registered, the tax rate and institutional factors, which have revealed important explanatory variables as well as those traditionally considered such as GDP, inflation, population, the share of GDP by sector, income level, etc. The last part of this research lists the conclusions reached and proposes recommendations for economic relations policy development between Latin America and the European Union.
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Baronnat, Emilie. "The US and EC antitrust control of transatlantic airline alliances /." Thesis, McGill University, 2007. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=112599.
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The international civil aviation system is currently going through a transitional phase. Deregulation and liberalization of air transport services and privatisation of certain airlines have contributed to the modification of the aviation landscape. In this context, airline alliances play a crucial role. Both the US and EC authorities have been supportive of airline alliances because they believe that alliances have the potential to increase competition and to provide the consumers with benefits.The first part of this thesis intends to provide economic and historical background to highlight the reasons for the multiplication of alliances, as well as the political and economic circumstances under which competition authorities assess alliances. The second part of this thesis is meant to determine which legal regime is applied to transatlantic alliances, and whether alliances are assessed like agreements among companies in any other business sector. The third part focuses more specifically on the antitrust control of the Sky Team alliance which occurs in the context of the EU/US Open skies agreement.
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Bueno, Díaz Odavia. "Franchising in European contract law : a comparison between the main obligations of the contracting parties in the Principles of European Law on Commercial Agency, Franchise and Distribution Contracts (PEL CAFDC), French and Spanish law /." München : Sellier European Law Publ, 2008. http://d-nb.info/989121801/04.
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Bilal, Muhammad. "An enquiry into the application of EU anti-dumping law, with particular reference to Pakistan." Thesis, University of Bedfordshire, 2016. http://hdl.handle.net/10547/622102.
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Dumping is to unfairly sell goods at a lower price (at foreign market) as compared to their normal value at domestic market of the manufacturing country, thus causing material injury to the local industry of the importing country. Other researchers have explored the global (WTO Agreement) and the European Union’s (EU) Anti-Dumping law mostly with a commercial perspective. At doctoral level EU-China, EU-Japan and EU-Korea trade relations with reference to the application of protective measures have been studied. This dissertation is, however, the very first aimed to examine the application of EU Anti-Dumping law relating to Pakistan. This is a complete health check of EU-Pakistan trade relations with reference to the application of Anti-dumping duties on Pakistan. This study is a combination of doctrinal research and empirical research, whereby it critically evaluates the Commission’s investigation and the judgements of the EU Courts related to Pakistan and thus establish their consistency or inconsistency; it also studies the voting patterns within the Council and the impact of AD duties on Pakistani imports. It is a qualitative exploratory study based upon an inductive approach. Contradictions are found in the calculations of normal value and export price, constructed normal value, the comparison of normal value and export price, the calculation of dumping margin, and the calculation of injury. Suggestions are made as to the extent to which Unions’ anti-dumping rules need to be reviewed to moderate their tilt that unequivocally favours Union manufacturers. Moreover, this dissertation identifies many provisions of the basic regulation, which being too vague offers multiple interpretations, which are thus recommended to be amended. In the empirical part of this research the voting style of EU member states for or against the adoption of AD measures against Pakistan has been studied. Thereafter, the content analysis of stated reasons for specific voting styles reveals that the member states vote on the basis of the findings and conclusions of investigation as done by the Commission, thus trade partner loyalty is not the reason for their voting. Furthermore, application of the ADDs is found to be reason of import decline from Pakistan to the EU.
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Seiter, Corina. "Vergleich historischer Währungsunionen und Zentralbankensysteme als Lehrstück für die Europäische Wirtschafts- und Währungsunion /." Berlin : Dissertation.de, 2002. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009800656&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Holý, Václav. "Perspektivy regulace úvěrových institucí." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-85906.
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Henriksson, Daniel, and Anna Ottosson. "Does competition in the EU banking market lead to lower interest margins? : A panel data analysis on how market competition affects banks interest margin across EU countries." Thesis, Södertörns högskola, Nationalekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-45817.
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This study analyses the bank market competition and bank interest margins in the European Union member countries banking sector during the period 2007–2019, using panel data analysis and aggregated data for each country ́s banking sector. Our starting point is the theory about market structure and two structural indexes are used as proxies of the degree of market competition. The methodology is based on the model developed by Ho and Saunders (1981), where the bank is viewed as a risk averse dealer amongst borrowers and lenders. This model has later been extended to fit analyses on nationally aggregated levels, which is appropriate in this study. The result show that bank concentration is not statistically significant in explaining variability of interest margin in the EU banking sectors. Instead, the statistically significant determinants of interest margins are more bank specific variables, such as average operating cost and credit risk. Although this study cannot claim economic significance, it provides information that economic policies should be designed to lower average operating cost rather than market competition, in order to lower interest margin.I denna studie analyserar vi konkurrensen på bankmarknaden och bankernas räntemarginaler i Europeiska unionens medlemsländers banksektor under perioden 2007–2019, genom paneldataanalys och aggregerad data för varje lands banksektor. Vår utgångspunkt är teorin om marknadsstruktur och vi använder två strukturella mått för att mäta konkurrens på marknaden. Metoden är baserad på den modell som Ho and Saunders (1981) utformade, där banken ses som en riskavert förmedlare mellan låntagare och långivare. Modellen har sedan utökats till att lämpa sig för analyser på en nationellt aggregerad nivå, vilket är passande för denna studie. Resultatet visar att konkurrens på bankmarknaden inte på ett statistiskt signifikant sätt förklarar variabilitet i räntemarginalen. Istället visar resultatet att de statistiskt signifikanta faktorerna för räntemarginalen är mer bankspecifika variabler, såsom genomsnittlig operationell kostnad och kreditrisk. Trots att denna studie inte kan påvisa ekonomisk signifikans, ger den information om att ekonomiska policys bör utformas för att sänka den genomsnittliga operationella kostnaden snarare än att öka marknadskonkurrens, för att minska räntemarginalen.
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Carolissen, Lee-David. "An analysis of the impact of the European Union's policy of export subsidies has on South Africa's Agricultural sector." Thesis, Online access, 2007. http://etd.uwc.ac.za/usrfiles/modules/etd/docs/etd_gen8Srv25Nme4_9435_1256215062.pdf.
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Bertelsmann-Scott, Talitha. "The SA-EU trade, development and co-operation agreement : democratising South Africa's trade policy." Thesis, Stellenbosch : Stellenbosch University, 2001. http://hdl.handle.net/10019.1/52573.
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Thesis (MA)--University of Stellenbosch, 2001.ENGLISH ABSTRACT: This thesis examines the democratisation of South Africa's foreign trade policy, by evaluating the negotiations surrounding the establishment of a free trade area between South Africa and the European Union (EU). Democracy here is defined as a form of government that rests on three components namely, public participation in and public debate over policy formulation and a governing elite that is responsive to the needs of the majority of the population. The thesis firstly outlines the process of negotiation itself, looking at the developments that shaped the years of talks. It examines the nature of the final agreement, called the Trade, Development and Co-operation Agreement (TDCA). It focuses on the Co-operation Agreements that were concluded, South Africa's partial accession to the Lomé Convention and the details of the free trade agreement. It finds that although the negotiations took very long to complete and the EU proved to be a tough negotiator, there are a number of opportunities for South Africans in the TDCA. In the second section the internal process in developing a South African negotiating mandate is examined. This is done to conclude whether or not South Africa's foreign trade policy is being formulated in a democratic manner. However, first of all the question why the democratisation of foreign trade policy formulation is important is addressed. Two possible theories are advanced. Firstly, globalisation has forced countries to lure foreign direct investment (FDI) as a matter of urgency. Seeing as FDI is mostly tied up with western nations that prefer democracies, states are opting to democratise. The focus is to a large extent on satisfying international actors. Or alternatively, the very survival of the nascent democracy today depends on the consultative nature of domestic economic and international economic policy formulation. This is not a question of choice with an external focus, but rather a matter of urgency with purely an internal focus. Four actors in foreign policy formulation, namely parliament, government, the bureaucracy and civil society, are examined in order to understand whether they had access to the process and whether these institutions themselves have been democratised since 1994. The thesis finds that the process was to a large extent democratic in nature. However, the thesis also finds that no matter how democratic policy formulation is in South Africa, the options for policy are limited by a number of international elements. These include globalisation, regional trading blocs like the European Union, and international organisations like the World Trade Organisation.
AFRIKAANSE OPSOMMING: Die tesis evalueer die demokratisering van Suid-Afrika se buitelandse handelsbeleid deur die onderhandelingsproses tussen die Europese Unie (EU) en Suid-Afrika rakende die sluiting van 'n vryhandelsooreenkoms te ontleed. Demokrasie word in die tesis definieer as 'n tipe regering wat rus op drie komponente, naamlik deelname in en debat oor beleidsformulering en 'n regerende elite wat die behoeftes van die meerderheid van die burgers in ag neem in beleidsformulering. Eerstens omskryf die tesis die gebeure wat die onderhandelingsproses beïnvloed het. Die finale ooreenkoms word oorweeg teen die agtergrond van die samewerkingsooreenkomste wat tussen die partye gesluit is, Suid-Afrika se gedeeltelike deelname aan die Lomé Konfensie en die vryhandelsooreenkoms. Die gevolgtrekking word bereik dat ten spyte van die feit dat die onderhandelings oor 'n hele aantal jare gestek het, en alhoewel die EU 'n uitgeslape onderhandelaar was, die orreenkoms talle geleenthede vir Suid-Afrikaners skep. In die tweede instansie word die interne proses wat tot Suid-Afrika se onderhandelingsmandaat gelei het, ondersoek. Dit is gedoen om vas te stel of die beleid op 'n demokratiese manier geformuleer is. Daar word egter eers bepaal waarom die demokratisering van buitelandse handelsbeleid belangrik is. Twee moontlike teorie word geformuleer. Die eerste stel dit dat globalisering lande forseer om direkte buitelandse beleggings aan te lok. Siende dat buitelandse beleggings van westerlike state afkomstig is, wat verkies om met demokratiese state sake te doen, word ontwikkelende lande as te ware geforseer om veral hulle buitelandse beleidsformulering te demokratiseer. In die alternatief kan dit betoog word dat die voortbestaan van die demokrasie self afhang van 'n ekonomiese beleidsformulering wat beide binnelandse en internasionale prosesse insluit. Dit is nie 'n kwessie van keuse met 'n eksterne fokus nie, maar 'n noodsaaklikheid met 'n interne fokus. Vier groeperinge wat buitelandse beleidsformulering beïnvloed word ondersoek, naamlik die Parlament, the regering, die burokrasie en die burgerlike samelewing, om vas te stelof hierdie instansies toegang tot die proses gehad het en of hierdie instansies self sedert 1994 gedemokratiseer is. Die tesis kom tot die gevolgtrekking dat al is die formulering van buitelandse beleid hoé demokraties, word die moontlikehede vir beleidsformulering beperk deur globalisering, streeksorganisasies soos die EU, en internasionale organisasies soos the Wêreld Handelsorganisasie. Vir Chris, Gitti, Thomas en my ouers, sonder wie hierdie nooit klaar sou gekom het nie. Baie dankie ook aan Prof Philip Nel vir sy hulp, leiding en ondersteuning.
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Michels, Karen Forneck Cardoso. "Da Alemanha aos países do leste europeu: a similaridade do perfil de exportação do Brasil para a União Europeia." Universidade do Vale do Rio dos Sinos, 2018. http://www.repositorio.jesuita.org.br/handle/UNISINOS/7635.
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CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
UNISINOS- Universidade do Vale do Rio dos Sinos
O objetivo do estudo é analisar as oportunidades de comércio, a partir da simulação de uma possível integração comercial do Brasil com a União Europeia (UE), considerando a eliminação das barreiras tarifárias e analisando o bloco europeu desagregadamente. Empregou-se a classificação de produtos por grau de intensidade tecnológica segundo os critérios da OCDE. É empregado o modelo de equilíbrio geral computável, por meio da utilização do Global Trade Analysis Project (GTAP), versão 9, a fim de mensurar os resultados da integração Brasil-UE e buscando identificar os setores mais beneficiados pelo eventual acordo. Os resultados revelam que haveria ganho de bem-estar aos envolvidos no acordo, aumentando o bem-estar global. Referente ao comércio, o Brasil se especializaria nos setores onde possui vantagem comparativa, aumentando as importações de produtos manufaturados. Esse resultado mostra que a integração seria uma oportunidade de abertura de comércio.
The objective of the study is to analyze trade opportunities, by simulating a possible trade integration between Brazil and the European Union (EU), considering the elimination of tariff barriers and analyzing the European bloc separately. The classification of products by level of technological intensity was used according to OECD criteria. The computable general equilibrium model is employed through the use of the Global Trade Analysis Project (GTAP), version 9, in order to measure the results of Brazil-EU integration and to identify the sectors most benefited by the eventual agreement. The results show that there would be welfare gains to those involved in the agreement, increasing overall well-being. Regarding trade, Brazil would specialize in sectors where it has a comparative advantage, increasing imports of manufactured products. This result shows that integration would be an opportunity to open trade.
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El, Moukahal Daria. "Litiges de l'Union européenne devant l'Organe de règlement des différends." Thesis, Université Grenoble Alpes (ComUE), 2015. http://www.theses.fr/2015GREAD001.
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Le but de la recherche est d'identifier la stratégie de l'Union européenne dans le cadre du règlement des différends à l'OMC et de déterminer le rôle que jouent les différends commerciaux internationaux au niveau interne communautaire. La spécificité de la participation de l'UE par rapport aux autres Etats membres de l'OMC et les raisons de sa participation sont étudiées plus particulièrement dans le cadre d'une réflexion sur la manière dont les litiges internationaux s'inscrivent dans sa politique externe. Nous analysons en outre l'apport des litiges de l'Union européenne dans le développement du droit international. Le travail est articulé autour de deux axes qui contribuent à l'étude de la cohérence de la stratégie de l'UE au sein de l'ORD.Les politiques de l'Union européenne sont fréquemment mises en cause devant l'Organe de règlement des différends de l'OMC. L'UE utilise les litiges commerciaux internationaux comme un instrument de sa politique commercial, notamment dans le but de promouvoir à l'international ses valeurs non-commerciales et les intérêts primordiaux, ainsi que pour défendre son acquis historique selon les lignes directrices de ses politiques. Ces ambitions de l'Union expliquent la particularité de ses litiges commerciaux internationaux. La première partie analyse la nature spécifique des litiges commerciaux internationaux de l'UE et vise à répondre à la question de savoir par quels moyens l'UE essaye d'imposer son expérience de libéralisation des échanges au niveau international (Partie I).Dans la seconde partie nous procédons à l'analyse du choix des modalités de règlement de différends par l'Union en fonction de différents critères. Ainsi, le mode de règlement d'un différend dépend des parties impliquées dans le conflit et des enjeux en cause. En outre, nous examinons si les conditions institutionnelles de sa participation au règlement des différends commerciaux et les mécanismes spéciaux de la PCC existant au sein de l'UE sont compatibles avec les exigences du droit de l'OMC, et s'ils sont par conséquent « rentables » pour la défense efficace des intérêts de l'UE tant commerciaux que non commerciaux (Partie II)The main purpose of the research is to identify the European Union's strategy in the Dispute Settlement Body of the WTO and to determine the role that international trade disputes play on the European level. Particularly, the EU participation specificity, compared to other Members of the WTO and the reasons for its involvement, are examined in the frame of an analysis on the manner in which international disputes inscribe into its external policy. We also analyze the EU disputes contribution to the development of international law. The research articulates around two main parts which contribute to the study of coherence of the EU strategy in the DSB.EU policies are frequently attacked in front of the DSB. The EU uses recourse to international trade disputes as an instrument to promote to the international level its non trade values and essential interests and to defend its historical acquis according to main directions of its policies. These EU ambitions explain the specificity of its international trade disputes. The first part of the research analyses the particular nature of international trade disputes of the EU and intends to answer the question to know by what means the EU tries to impose its own experience of trade liberalization onto international level (Part I).In the second part we are analyzing the EU choice of modes of dispute settlement depending on different criteria. So, the dispute settlement means depends on the parties to the conflict and the stakes of the dispute. We also examine if institutional conditions for its participation to settlement of international trade disputes and special mechanisms of Common Commercial Policy existing in the EU are compliant with WTO law requirements, and if they are consequently profitable for efficient defense of the EU trade and non trade interests (Part II)
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Adolfsson, Rebecca. "EU:s gemensamma handelspolitik före och efter Lissabonfördraget : En jämförande studie av EU:s normativa makt genom den gemensamma handelspolitiken." Thesis, Linnéuniversitetet, Institutionen för statsvetenskap (ST), 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-43299.
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This study aims to examine the EU’s normative power through the Common Commercial Policy (CCP) before and after the Treaty of Lisbon entered into force. The study is a comparative study and was carried out through a document study of official documents and treaties. To pursue the aim the following questions were asked: What are the differences and similarities within the EU's common trade policy before and after the introduction of the Treaty of Lisbon and does the Treaty of Lisbon increased the normative ambition of the EU? In this study Ian Manners theory Normative Power Europe has been categorized into direct normative actions and indirect normative actions. The empirical material is based on literature, primary document, Official Journal of the European Union and EU: s webpage. The conclusions of this study show that the Treaty of Lisbon has changed the constitutional basis for the common commercial policy in several ways. The CCP has more room after the Treaty of Lisbon to develop and take on direct normative actions. The major difference is that the CCP now endorse all the Union’s objectives, principles and values which give the CCP more opportunities to set normative requirements and gain normative power.
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Deprez, Emmanuel. "Liberté contractuelle et le droit européen." Thesis, Lyon 3, 2011. http://www.theses.fr/2011LYO30061.
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La problématique conduit à une analyse du droit européen privé des contrats. La première partie recherche les sources de la liberté contractuelle européenne. La multiplicité des règles et des pratiques permet de constater un défaut de définition. Le premier chapitre souligne que l'autonomie de la volonté est relative parce qu’elle est subjective et évolue au gré des équilibres en jeu. Il s'agit d'une liberté intégrée, issue du code civil romano-germanique. Le second chapitre permet de constater que l'autonomie de la volonté est un principe très relatif en droit international privé. Le pluralisme du droit implique que la liberté contractuelle est une notion sans source et ni stable, ni établie. Le droit international privé européen est en construction et fonctionnel.La seconde partie étudie la liberté contractuelle européenne du point de vue du droit positif au sens large du terme. Cette liberté est un principe relatif en symbiose avec les nécessités de protection des cocontractants et du commerce européen. Il s’agit d'un principe subjectif du fait de l'ordre public européen (qui contient l’ordre public économique, les lois de police et l’ordre public international classique), et d’un principe essentiel dans la construction européenne. Le premier chapitre trace le cadre et la structure générale de la liberté contractuelle européenne. Elle participe au commerce et se doit de respecter les principes essentiels de l’Union au sens de droit objectif (liberté d’établissement, juste concurrence, égalité commerciale) ; elle est traduite par l’essor de principes européens et par la pratique commerciale. Le second chapitre note que la liberté est une notion intégrée dans la société européenne. Elle est fonctionnelle et trouve son équilibre en correspondant avec l’ordre public au sens subjectif (protection des parties les plus faibles et des droits fondamentaux)Problem drives to analyze what is European right of contract. First part searches the sources of European freedom of contract. The multiplicity of rules and practices allows seeing a defect of definition. The first chapter underlines that the autonomy of the will is relative because it is subjective and it evolves according to the balances in contract. It determines that this freedom is joined and is partly the result from the Romano-Germanic civil code. The second chapter allows noticing that the autonomy of the will is henceforth a very relative principle in international private law.Pluralism of the law involves that the contractual freedom is a notion without spring neither stable nor established. The European private international law is under construction and organized in a functional waySecond part studies the European contractual freedom from the point of view of the substantive law. This freedom is a relative principle in symbiosis with the necessities of protection of the parties of contract and necessities of the European business. It is about a subjective principle because of the European law and order (it contains the economic law and order, the lois de police and the classic international law and order), and because of principles in the European construction. The first chapter draws the frame and the general structure of the European contractual freedom. It participates in the business and owes respect the essential principles of the Union in the direction of objective right-law (freedom of establishment, just competition, commercial equality); it is characterized by the European principal development and by the commercial practice. Second chapter notes that the freedom is integrated into the European Union. It is functional and finds balance by corresponding with the law and order to the subjective direction (protection of the weakest parties and the fundamental rights)
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Penwarden, Mia. "Suur druiwe? Wyn, die TDCA en Suid-Afrika." Thesis, Stellenbosch : Stellenbosch University, 2002. http://hdl.handle.net/10019.1/53076.
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Thesis (MA)--University of Stellenbosch, 2002.ENGLISH ABSTRACT: In October 1999 South Africa and the European Union (EU) signed a free trade agreement, the Trade Development and Co-operation Agreement (TDCA), which came into effect on 1 January 2000. The TDCA was developed to enhance bilateral trade, economic-, political- and social cooperation and consists of three components - the creation of a Free Trade Area between South-Africa and the EU, EU financial aid to South Africa through the European Programme for Reconstruction and Development (EPRD), and project aid. However, the EU, in an effort to secure the best possible deal for itself, often behave in its own interests (through the manipulation of the Wine and Spirits Agreement) during the negotiations for the TDCA. The goal of this study was to establish what exactly trademarks are, and what implications the EU's protection of intellectual property rights on wine and spirits trademarks will have on i) the South African wine industry, ii) whether South Africa could have exercised another option, iii) whether this action has created a precedent with which the EU can, in future, again force South Africa or any of its other developing trade partners to make concessions, and iv) who gains the most from the TDCA. The concludes that the EU, through the manipulation of the Wine and Spirits Agreement, left South Africa with no choice by to concede the use of the contested trademarks - something that has already taken its toll on the South African wine industry - in order to save the TDCA. This action created a precedent that the EU will, in future, again be in a position to threaten developing countries with the termination of an agreement should they fail to comply with its demands. Finally, the conclusion is made that even though the TDCA was created to assist South Africa with its reintegration into the world market, it will ultimately be the EU that benefits most from the agreement.
AFRIKAANSE OPSOMMING: Suid-Afrika en die Europese Unie (EU) het in Oktober 1999 In vryehandelsooreenkoms, die Trade Development and Co-operation Agreement (TDCA) onderteken, wat op 1 Januarie 2000 in werking getree het. Die TDCA is ontwerp om bilaterale handel-, ekonomiese-, politieke- en sosiale samewerking te bevorder en bestaan uit drie komponente, naamlik die skep van 'n vryehandelgebied tussen die EU en Suid-Afrika; finansiele steun deur die EU aan Suid-Afrika onder die European Programme for Reconstruction and Development (EPRD) en projekhulp. Die EU het egter dikwels in eiebelang opgetree (deur middel van die manipulasie van die Wyn- en Spiritus Ooreenkoms) tydens die onderhandelingsproses in 'n poging om die beste moontlike ooreenkoms vir homself te beding. Die doel van hierdie studie was om te bepaal wat presies handelsmerke is, en watter implikasies die EU se beskerming van intellektuele eiendomsregte aangaande wyn- en spiritushandelsmerke op i) die Suid-Afrikaanse wynbedryf sal he, ii) of Suid-Afrika 'n ander opsie kon uitoefen, iii) of hierdie aksie In presedent geskep het waarmee die EU Suid-Afrika of enige van sy ander ontwikkelende handelsvennote in die toekoms weer sal kan dwing om toegewings te maak, en iv) wie die meeste baat vind by die TDCA. Die studie het tot die gevolgtrekking gekom dat die EU deur die manipulasie van die Wyn- en Spiritus Ooreenkoms aan Suid-Afrika geen keuse gegee het nie as om die gebruik van die betwiste handelsmerke op te se - iets wat reeds die Suid-Afrikaanse wynbedryf geknou het - in 'n poging om die TDCA te behou. Hierdie optrede skep 'n presedent dat die EU voortaan in onderhandelings met ander ontwikkelende state weer kan dreig om die hele ooreenkoms te verongeluk indien daar nie aan sy eise voldoen word nie. In die laaste instansie is daar tot die gevolgtrekking gekom dat, alhoewel die TDCA daarop gemik was om Suid-Afrika te help met sy herintegrasie tot die wereldmark, dit uiteindelik die EU is wat die meeste daarby gaan baat.
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CHIESI, GIAN MARCO. "Il costo del capitale proprio nella banche: rassegna dei modelli di analisi e verifica empirica per il sistema bancario italiano." Doctoral thesis, Università Cattolica del Sacro Cuore, 2007. http://hdl.handle.net/10280/131.
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Il lavoro stima il costo del capitale delle banche italiane alla luce di due antitetici comportamenti di investimento: diversificazione internazionale di portafoglio e concentrazione proprietaria volta alla detenzione di pacchetti azionari rilevanti. L'integrazione dei mercati finanziari e l'adozione della moneta unica determinano la necessità di allargare all'area valutaria il correlato empirico al portafoglio di mercato indicato dal CAPM. La verifica condotta su un campione di banche italiane evidenzia la riduzione dei Beta e del costo del capitale proprio a causa del limitato contributo fornito al rischio sistematico del portafoglio riferito all'area valutaria da parte del mercato azionario nazionale e delle banche italiane. La detenzione del potere decisionale consente agli azionisti rilevanti di ottenere, in termini di private benefits, un sovra-rendimento che giustifica strategie volte alla concentrazione di ricchezza. Questo genera per le banche italiane un incremento del costo del capitale.This work analyses the techniques to assess the cost of equity of Italian banks in the light of two antithetical investment policies: international portfolio diversification and ownership concentration directed to hold large blocks of shares. Financial market integration and European Monetary Union involve using a broader index, referred to the Euro area, as the proxy for the market portfolio pointed out by CAPM. The analysis carried out on a sample of Italian banks shows this change brings about a reduction of both the estimated Beta and the cost of equity. This is due to the limited contribution that domestic market index makes to the systematic risk of the Euro portfolio. The control of the decision-making process enables the holders of large blocks of shares to extract private benefits and to obtain extra returns compared with other investors. This can explain an investment policy directed to wealth concentration. That causes a higher equity cost of equity.
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Jean, Guillaume-André. "Le droit des investissements internationaux face à l'Union européenne." Thesis, Paris Sciences et Lettres (ComUE), 2016. http://www.theses.fr/2016PSLED031.
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Le droit des investissements internationaux et l'Union européenne constituent deux systèmes juridiques qui sont désormais en interaction. La convergence de ces systèmes a été révélée lors de l'entrée en vigueur du Traité de Lisbonne, qui a initié un transfert de compétence en matière d'Investissement Direct Étranger et accorde donc la compétence à l'Union européenne pour conclure de nouveaux accords d'investissement. Dans le cadre d'un chapitre préliminaire, l'analyse tente tout d'abord d'expliquer pourquoi et en quoi le droit des investissements internationaux, tel que résultant de la pratique conventionnelle bilatérale des États membres, et l'Union européenne constituent deux systèmes juridiques en interaction. La méthodologie juridique nécessaire à l'étude des manifestations de la mondialisation juridique est quant à elle décrite. Par la suite, en distinguant les aspects matériels des aspects procéduraux du droit des investissements internationaux, cette thèse s'intéresse aux évolutions des rapports de ces deux systèmes et aux résultats des interactions normatives en cours. La première partie vise à démontrer que le droit matériel des investissements internationaux a fait l’objet d’une approche de la Commission européenne, mise en place dès les années 1990. Quant au droit procédural des investissements internationaux, il ressort que ses liens avec l'Union européenne ont été plus distendus et qu'il n'a fait l’objet que d'un volet qui a été attaché à l’approche européenne du droit matériel des investissements internationaux, à partir de l'entrée en vigueur du Traité de Lisbonne.Sur ces fondements, l'analyse met en exergue le processus d’européanisation en cours du droit des investissements internationaux, qui est relatif au mode de création de la norme internationale, à son contenu et à la participation de l’Union européenne à la procédure de règlement des différends, en vertu d’une procédure arbitrale devant être construite selon la configuration investisseur tiers-Union européenneInternational investment law and the European Union constitute two legal systems that are from now on in interaction. The convergence of these systems has been revealed by the entry into force of the Lisbon Treaty, which has initiated a transfer of competence in the field of Foreign Direct Investment and thus grants competence to the European Union for the conclusion of new investment treaties. Within the framework of a preliminary chapter, the analysis first attempts to explain why and how international investment law, as it results from the bilateral conventional practice of Member States, and the European Union constitute two interacting legal systems. The legal methodology that is necessary for the study of the manifestations of legal globalisation is described. Subsequently, by distinguishing between the substantive and the procedural aspects of International Investment Law, this thesis focuses on the evolutions of the relations between these two systems and on the results of the ongoing normative interactions. The first part aims to demonstrate that substantial international investment law has been the object of an approach from the European Commission, put in place as soon as the 1990s. As for procedural international investment law, it appears that its links with the European Union have been more tenuous and that it has only been the object of a component which has been attached to the European approach of material international investment law, as soon as the entry into force of the Lisbon Treaty. On these foundations, the analysis highlights the ongoing Europeanisation process of International Investment Law, which is related to the mode of creation of the international standard, its content and the participation of the European Union in the procedure of dispute resolution, by virtue of an arbitral procedure which should be constructed according to the foreign investor-European Union configuration
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Jasinskaitė, Vilma. "Europos valiutų sąjungos teisiniai aspektai." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2006. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2007~D_20061229_105027-24189.
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In this masterwork author presents a concept of the European monetary union, main features and steps of creating this union; also defines benefits and costs of entering the euro zone. The legal regulation of economic convergence requirements and its practice are analyzed comprehensively. In this work author detects harmonization areas of legal acts between European Community and national legal acts, presents a necessity and ways of this harmonization and reviews the most important regulations in Lithuania, witch must be harmonized.
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Payne, Bridget Áine. "State-Financed Merger and Acquisition Activity in Germany as a Catalyst for Robust Chinese Patent Law Enforcement." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/scripps_theses/1171.
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Germany’s economic dominance in Europe, generous investment incentives, and technical manufacturing prowess has encouraged an influx of Chinese-led inbound activity, concentrated in high-tech sector mergers and acquisitions. A close examination of these M&As yields evidence of systemic Chinese state-financing through both state-owned and private vehicles that likely stems from China’s “Made in China 2025” policy, which hopes to stem capital outflow and to indigenize technological innovation. As Germany braces for what it sees to be continuous attempts by China to take patented German technology through M&As, it worries that Chinese patent law will allow for rampant patent infringement by copycat Chinese entities.
This paper presents an overview of the root causes of China’s heavy economic activity in Germany, as well as an analysis of the legal concerns held by German firms based on a close reading of the Patent Law of the People’s Republic of China and strategic recommendations for German companies hoping to work with or in China.
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Czeszejko-Sochacki, Wiktor. "La faillite dans le système juridique polonais et français au regard du règlement communautaire." Thesis, Paris 2, 2013. http://www.theses.fr/2013PA020034.
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La faillite des entités juridiques a toujours fait partie de la vie économique globale. Depuis que l’échange commercial intracommunautaire existe le problème de la faillite se pose. L’Union Européenne essaie d’organiser uniformément la vie socio-économique de ses Etats membres, en particulier par la création et l’entrée en vigueur d’actes juridiques qui leur permettent d’agir dans cette réalité. De grands changements modifient la réalité socio-économique des Etats, notamment dans le domaine de la faillite. La réussite de l’Union Européenne consiste à s’adapter à ses changements en réglant de manière générale l’existence des entités juridiques de ses Etats membres en laissant aux droits nationaux leurs propres réglementations plus complexes. Ceci a permis de regrouper différents systèmes juridiques en leur imposant une réglementation générale commune. Le risque grandissant de faillite ou de redressement des entreprises fonctionnant dans plus d’un pays membre de l’Union Européenne (groupes de sociétés) a poussé le législateur à développer un droit de la faillite au niveau communautaire. Dans la présente thèse on analyse donc en profondeur le règlement (CE) nr 1346/2000 du Conseil du 29 mai 2000 relatif aux procédures d'insolvabilité, qui est le premier et unique acte juridique communautaire régissant de manière globale le thème de la faillite. Pourquoi analyser en parallèle le droit de la faillite en Pologne et en France ? Car la France est un des Etats fondateurs les plus importants de l’Union Européenne, la Pologne, elle, se trouve être le pays le plus important (en taille et en nombre d’habitants) des nouveaux Etats entrant dans l’Union Européenne en 2004Bankruptcy of legal entities has always been an element of global economy. The issue of insolvency has also been present since the beginning of intracommunity trade. The European Union has been trying to arrange the social and economic life of the Member States in a uniform manner, in particular by developing and implementing legislation supporting them operations in the reality. The social and economic reality of the Member States are subject to material changes, in particular with respect to bankruptcy. The success of the European Union consists in its ability to adapt to the changing environment by general regulations applicable to legal entities in the Member States, leaving more complex and detailed regulations to domestic regulations. As a result, varied legal systems were unified by imposing general Community regulations. The increasing risk of bankruptcy or reorganisation of enterprises functioning in more than one EU country (groups of companies) forced the legislator to develop bankruptcy law at the European level. This paper analyses the Council Regulation (EC) No. 1346/2000 of 29 May 2000 on insolvency proceedings which is the first and only EU legal act regulating the issue of bankruptcy in a general manner. Why should the bankruptcy laws in Poland and in France be analysed in parallel? Since France is one of the most important founder countries of the European Union and Poland is the largest country (in terms of its size and number of inhabitants) among the new members of the European Union that joined in 2004
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Curto, Millet Fabien. "Inflation expectations, labour markets and EMU." Thesis, University of Oxford, 2007. http://ora.ox.ac.uk/objects/uuid:9187d2eb-2f93-4a5a-a7d6-0fb6556079bb.
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This thesis examines the measurement, applications and properties of consumer inflation expectations in the context of eight European Union countries: France, Germany, the UK, Spain, Italy, Belgium, the Netherlands and Sweden. The data proceed mainly from the European Commission's Consumer Survey and are qualitative in nature, therefore requiring quantification prior to use. This study first seeks to determine the optimal quantification methodology among a set of approaches spanning three traditions, associated with Carlson-Parkin (1975), Pesaran (1984) and Seitz (1988). The success of a quantification methodology is assessed on the basis of its ability to match quantitative expectations data and on its behaviour in an important economic application, namely the modelling of wages for our sample countries. The wage equation developed here draws on the theoretical background of the staggered contracts and the wage bargaining literature, and controls carefully for inflation expectations and institutional variables. The Carlson-Parkin variation proposed in Curto Millet (2004) was found to be the most satisfactory. This being established, the wage equations are used to test the hypothesis that the advent of EMU generated an increase in labour market flexibility, which would be reflected in structural breaks. The hypothesis is essentially rejected. Finally, the properties of inflation expectations and perceptions themselves are examined, especially in the context of EMU. Both the rational expectations and rational perceptions hypotheses are rejected. Popular expectations mechanisms, such as the "rule-of-thumb" model or Akerlof et al.'s (2000) "near-rationality hypothesis" are similarly unsupported. On the other hand, evidence is found for the transmission of expert forecasts to consumer expectations in the case of the UK, as in Carroll's (2003) model. The distribution of consumer expectations and perceptions is also considered, showing a tendency for gradual (as in Mankiw and Reis, 2002) but non-rational adjustment. Expectations formation is further shown to have important qualitative features.
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Nkodia, Kibo Mathat. "Les relations entre le trésor public francais et les banques centrales de la zone franc." Thesis, Paris 2, 2014. http://www.theses.fr/2014PA020004.
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Les rapports entre le Trésor français et les banques centrales africaines de la zone franc sont fondés sur la garantie de convertibilité externe que la France accorde aux francs CFA. De la sorte, le Trésor français convertit de manière illimitée les francs CFA en euro et en d’autres monnaies. Par ailleurs, la BCEAO et la BEAC sont protégées contre le risque d’épuisement des réserves de change car, elles peuvent puiser théoriquement de façon illimitée en cas de rupture de changes sur les réserves françaises. La mise en oeuvre de cette solidarité repose sur un mécanisme particulier appelé : comptes d’opérations. Hérité de la période coloniale, ce principe oblige les instituts d’émission africains en vertu des accords de coopération monétaire signés avec la France au lendemain des indépendances et rénovés en 1972 et 1973, à déposer 65 % de leurs réserves de change sur ces comptes. Cette quotité a été ramenée depuis la réforme de 2005 à 50%. Le Trésor français verse des intérêts à ces comptes lorsqu’ils sont créditeurs alors qu’il prélève des intérêts en cas de débit. Cette coopération vise deux objectifs principaux : la solidarité monétaire et le développement économique par le biais d’une solidarité monétaire sécurisée. Cette coopération a donné naissance à des institutions qui oeuvrent en vue d’atteindre ces objectifs. Lors de l’adoption de l’euro à l’échelle européenne en 1999, la France a pu obtenir de ses partenaires européens la reconnaissance de la nature budgétaire des accords qui la lient à ses anciennes possessions d’Afrique pour continuer à garantir les francs CFA. Cette coopération comporte cependant beaucoup d’inconvénients qui incitent au dépassement du cadre actuelThe monetary agreements of France and the CFA franc zone are based on the permanent free convertibility of the CFA. In this case, the French Treasury supports the free convertibility of the CFA franc into Euros and other currencies with a fixed change rate. The BCEAO and the BEAC accordingly cannot suffer from the lack of changes risk for, they are both guaranteed by France. Such a parity and interdependence principles inherited from the colonial period was renewed in the 1960's up to 2005 reforms. The main goals of this cooperation are the economical development and monetary solidarity safety. Some institutions have been created in order to achieve those goals. In anticipation of the coming of the Euro in 1999, the competent French authorities convinced the European Union to maintain the monetary agreements France has with the African countries using the CFA currency. Nevertheless, such agreements compound some shortcomings which require new ideas
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Coupaud, Marine. "Mondialisation, conditions de travail et santé." Thesis, Bordeaux, 2016. http://www.theses.fr/2016BORD0139/document.
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Cette thèse s’applique à explorer dans quelle mesure et par quels mécanismes lamondialisation, au travers de ses différentes composantes, impacte la santé des travailleurseuropéens. Dans une première partie, nous exposons les conséquences socio-économiques de cephénomène. Dans une deuxième partie, nous montrons que l’exposition concurrentielleinternationale constitue un facteur de risque pour la santé des travailleurs non qualifiés. Lesfacteurs individuels et organisationnels sont néanmoins les plus à même d’expliquer la prévalencede troubles physiques et mentaux chez l’ensemble des travailleurs. La mondialisation impliqueaussi de nouvelles pratiques organisationnelles liées à l’internationalisation des firmes, une autrefacette de la mondialisation. Nous soulignons que les travailleurs doivent ainsi trouver lesressources nécessaires pour rester attractifs dans ce monde en perpétuelle évolution. Dans unetroisième partie, nous exposons que la mondialisation favorise le développement des activités deservices dans les pays industrialisés. En parallèle, l'organisation de type "lean" est mise en placedans ces secteurs et la pression concurrentielle s’accroit. Ces changements impactent les conditionsde réalisation du travail. Dans ce contexte, la santé se trouve dégradée par des facteurs de risqueen évolution, parmi eux l’intensité du travail liées aux relations interpersonnelles. Enfin, nousmontrons que la Responsabilité Sociale de l’Entreprise apparait comme une solution dont lesentreprises peuvent s’emparer pour améliorer la santé de leurs travailleurs et par conséquent, leurperformance sociale et financièreThis thesis aims at exploring to what extent globalization, through its diversecomponents, impacts the health of European workers. In a first part, we expose the socio-economicconsequences of this multi-faceted phenomenon. In a second part, we show that internationalcompetition, one of the essential components of globalization, is a risk factor for non-skilledworkers. Nevertheless, individual and organizational factors are the most likely to explain mentaland physical disorders prevalence in the population as a whole. Globalization also implies newpractices linked to firms’ internationalization strategy, another component of globalization. Weunderline that workers must acquire the skills to stay attractive in a constantly changing worldand they do not find much support in their companies. In a third part, we show that globalizationenhances the surge of the service sector in industrialized countries. In addition, the leanmanagement is implemented in those sectors and competitive pressure increases. These changesimpact the way the work is performed. Within this context, the health of workers deterioratesbecause they are exposed to changing risk factors, among them: intense of work related tointerpersonal relationships. Finally, we find that the Corporate Social Responsibility comes as ananswer to improve workers’ health and as a consequence, firms’ social and financial performance
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Afonso, Ana Sofia Aguiar. "Do financial derivatives have an impact on bank lending? : evidence from European Union commercial banks from 2013 to 2017." Master's thesis, 2019. http://hdl.handle.net/10400.14/29046.
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The present Dissertation’s academic research question addresses the impact of the use of derivatives on bank lending activity for European Union commercial banks between yearly periods from 2013 to 2017. In order to address the latter research question, this document’s empirical research strategy employs panel data estimation, using a strongly balanced panel dataset. The banking data is extracted from ORBIS® BankFocus and the sample is composed by one hundred and fifteen banks. Once the baseline findings are obtained, further three robustness checks are also performed, namely for: i) different bank sizes; ii) different geographical locations; iii) different political contexts. The overall findings reflect that the use of derivatives has a negative impact on bank lending activity. In addition, bank characteristics present both negative and positive impacts on bank lending activity, depending on the variable, while supply and demand factors present a consistent negative impact on bank lending activity. These results are globally stable and innovative when compared to previous academic research not only regarding the impact of the use of derivatives, but also due to the impact of other variables previously studied, which, in the context of this Dissertation, exhibit differing impacts. Regarding the future of derivatives markets after Brexit, the results suggest that the findings of the present Dissertation will only be slightly larger in this context. Finally, there is no evidence that increasing the use of derivatives will increase economic growth, while the increase in bank lending has a significantly positive impact on the economy.A presente Dissertação aborda como questão científica de partida o impacto do uso de derivados nos empréstimos concedidos pelos bancos comerciais na União Europeia para períodos anuais entre 2013 e 2017. De forma a responder a esta questão, é utilizada uma estratégia de estimativa de dados em painel com dados fortemente equilibrados. Os dados utilizados foram extraídos da base ORBIS® BankFocus e a amostra é composta por cento e quinze bancos. Subsequentemente, foram aplicados três testes de robustez: i) diferentes tamanhos dos bancos; ii) diferentes localizações geográficas; iii) diferentes contextos políticos. Os resultados sugerem que o uso de derivados tem um impacto negativo nos empréstimos concedidos. Adicionalmente, as características dos bancos apresentam tanto impactos negativos como positivos nos empréstimos concedidos, dependendo da variável, enquanto que os fatores da procura e da oferta apresentam consistentemente um impacto negativo nos empréstimos concedidos. Estes resultados são globalmente estáveis e inovadores comparando com a literatura prévia não só ao nível do impacto do uso de derivados, mas também do uso de outras variáveis previamente estudadas, as quais, no contexto desta Dissertação, apresentam impactos diferentes. Relativamente ao futuro dos mercados de derivados depois do Brexit, os resultados desta Dissertação são apenas ligeiramente superiores neste contexto. Por fim, não existe evidência de que o aumento do uso de derivados irá aumentar o crescimento económico, enquanto que o aumento nos empréstimos concedidos tem um impacto significativamente positivo na economia.
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Hajzeraj, Adelina. "Analysing the Performance of European Commercial Banks." Master's thesis, 2013. http://www.nusl.cz/ntk/nusl-324096.
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v Abstract The present thesis analyses the performance of the European banks in 2007-2011. First, brief information on the banking sector of each EU-27 country is provided. By the means of comparative analysis, it is, further, shown that banks, coming from countries less affected by the financial crisis, outperformed (in terms of ROA and ROE) banks coming from the worst affected countries. Additionally, panel-data and OLS estimation methods are employed to investigate the importance of various CAMEL determinants for banks' profitability. Assets quality, management ability, and interest earnings turn out to be strongly significant. Moreover, we report a struc- tural change in the relationship relative to the ownership structure (foreign vs. domes- tic-owned banks) and observe a structural time-break that occurred as the result of the recent financial crisis. JEL Classification G01, G21, G28 Keywords BASEL III, Capital Adequacy, CAMEL method, European Commercial banks Author's e-mail misslinaw@hotmail.com Supervisor's e-mail petr.gapko@seznam.cz
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Chiang, Li-Chih, and 姜麗智. "Technical Efficiency, Technology Gaps, and Dynamic Growth in European Commercial banks." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/06402406172910621990.
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博士雲林科技大學
管理研究所博士班
96
This dissertation first extends the established literature on modeling the cost structures of Europe’s banking sectors by combining the Fourier flexible functional form with time-varying technical efficiency. The meta-frontier production function proposed by Battese et al. (2004) is then generalized to the meta-frontier cost function in an attempt to study differences in technical efficiency and technology gaps across sample banks in different countries. Cross-country data are collected covering nine European countries over the period 1994-2003. Finally, dynamic panel regressions are used to examine the relationship between a bank’s growth and profit by using the same dataset. The mean technical efficiency scores for the sample nations range from 0.73 to 0.98, which are positively correlated with the technology gap ratio with mean values ranging from 0.51 to 0.62. This implies that a relatively technically efficient bank is usually technologically efficient and vice versa. Most of the average technology gap ratios for the sample countries are much less than those of the average technical efficiency scores. This suggests that there are many banks operating off the meta-cost frontier. Banks that are more technically efficient and adopt higher production technology tend to grow slowly. The improvement of technical efficiency helps prompt higher profit, which is in favor of the efficient-structure hypothesis. Although the univariate and bivariate growth models support the inverse growth-size relationship, this is likely to be spurious. On the contrary, the multivariate growth model reaches a different but more reliable result, i.e., the law of proportionate effect prevails in all of the sample countries. The strategy of product diversification lends strong support to bank growth and profitability.
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Kuo, Chun-Wei, and 郭峻瑋. "How the FinTech Affects Output and Performance at European Commercial Banks." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/68047563575986051006.
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碩士國立東華大學
財務金融學系
104
This study collected commercial banks at Europe via Bankscope during 2008 to 2013. We study how the FinTech affects output and performance at European commercial banks. Our empirical results find that college, salary, size and MBHC variable significantly enhance the probability of development of digital finance. Besides, the number of branches and employee is decreasing because commercial banks expanded digital finance. However, commercial banks with expanded digital finance are significantly improving return of assets and return of equity.
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Mikkonen, Katri [Verfasser]. "Regulation of multinational banks in the European Union / vorgelegt von Katri Mikkonen." 2006. http://d-nb.info/980936810/34.
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